Li acquired Canadian citizenship in the 1980s. His Canadian citizenship has proven valuable to him in his financial dealings, allowing him to make bids for PCCW to purchase stakes in companies such as Air Canada and Bell Canada Enterprises without running afoul of restrictions on foreign ownership.[4]

In June 2011, Hong Kong's stock exchange approved the carve-out of the telecommunications and mobile assets by PCCW, which also has broadband television, consulting and property businesses. The exchange initially rejected the proposal in April due to regulatory concerns.[6] In September 2011 the final hurdles were cleared by Hong Kong’s stock exchange for PCCW to list its telecommunications assets as the city’s first publicly traded business trust.[7] On 12 October 2011 PCCW shareholders approved the plan to spin off its telecommunications unit.[8] The listing could raise more than $1 billion.[8]

In September 2009, Li bought the asset management operations of AIG, AIG Investments, for around $500 million.[9] Renamed PineBridge Investments, the business currently has some US$67 billion of assets under management.

During the 2002–03 SARS outbreak, PCCW under Li's direction aided victims by providing telecommunication services to patients, medical staff, and fundraisers; namely, they set up video conferencing for quarantined SARS victims and volunteers to communicate with their families, telephone hotline support for isolated patients and communities to receive medical and legal advice. Li also established a story time program for children kept home to prevent infection, and call center support for charity fundraisers and community activists.[13]

Richard Li and PCCW also donated $1 million to the Business Community Relief Fund for Victims of SARS. Under his direction, employees at PCCW served the community through the company's efforts, and many gave up their free time to work as volunteers.[13]

Later, in 2007, under Li's direction PCCW volunteers participated in the District Elderly Campaign sponsored by the Oriental Daily News Charitable Fund, the Sun Charitable Fund, and Po Leung Kuk. The campaign' mission was to deliver gift packages to the elderly living in the Lower Ngau Tau Kok Estate.[13]

In March 2011, Isabella announced to the media that the couple have ended their relationship. They have both announced that the split is amicable and that they will both take care of the children.[19][20]

In 2006, Li donated CA$1 million to the Canadian National Arts Centre Foundation, which led to the establishment of the Annual Richard Li Young Artist Chair, putting young musicians each year under the mentorship of musical maestros.[21]